How to Sell Your Toronto Condo in a Buyer's Market

Condos are sitting in the Toronto market. I have said it many times, and the pattern has not changed. Every single month more inventory piles up, more units come to market, and sellers feel it. So if you own a condo and you want to sell it, what should you actually do?

I am Moe Asgarian, a senior real estate broker in Toronto, ranked #47 worldwide at RE/MAX. This is a written guide for owners who have already decided to sell in 2024, or who have to. If you are not in a rush, my honest read is to hold off and wait at least until next year. But if you are selling, here is how to get a good price in a buyer's market.

The market right now

With the half point cut to interest rates, I do not expect Toronto condo prices to move much through the end of 2024. They will not spike, and they will not crash. What turned this into a buyer's market was not falling prices. It was rising inventory. Month after month more condos arrive, and if that keeps up it can eventually weigh on prices. For now, expect steady, not sudden.

If you are upgrading from a condo into a freehold home, your move depends on where your condo sits and what you want to buy next. Sometimes it makes sense to list first and then shop. Talk it through with your agent, because you have a lot of competition and the order of your moves matters.

Look at active listings, not sold prices

Most of us check what a similar unit in the same building sold for, then set our expectations from that number. In this market that is the wrong mirror. Those recent sales happened when fewer condos were listed. Today you have more competitors, so what matters is how they are pricing and presenting their units right now. Everyone loves their own condo and thinks it is special. Put that bias aside. Build a list of every comparable unit for sale and find where yours honestly ranks. If your condo is not in the top 10 or 20 on that list, your odds of a strong sale drop. Look at how nice it shows, how it is priced, and whether it is owner-occupied, tenanted, or empty. Those things decide whether it sells or sits.

Presentation and staging

Spend real time on how your condo shows. This sounds obvious, but you would not believe how many listings have photos shot on a phone, or the photographer reflected in a mirror. Get the tenant out before you sell. Stage the unit well, keep it clean, and offer good showing times. The buyer needs a good experience the moment they walk in. Staging a condo properly will help you sell for more, full stop.

The first photo matters most

Your main photo, the key image on MLS, carries more weight than anything else. It should never be a shot of the building exterior. That photo lands next to a hundred other condo listings and says nothing. The first image has to be from inside the unit, the biggest, brightest, most beautiful interior view you have, the one that shows the most space. Buyers see that photo first, then their eyes go to the price. If they like the image and the price feels right, that is when they lean in and want the details.

Price it right the first time

You need the best possible pricing. It is easy to find someone who nods at whatever number you name. That does not help you. What helps is an expert who studies condo sales in your area and tells you what your unit is truly worth and how to price it to actually sell. Here is why the first days matter so much. When your condo hits the market as a new listing, it can pull 2,000 to 3,000 impressions in the first five days or so. After that window, it can take several weeks to see another 2,000 to 4,000. So bring your very best version to those first few days. When a client tells me let us list fast and fix the photos later, stage later, drop the price later, that later gets expensive. Price it right and present it well, and even with all the noise around rates and supply and demand, there is always a buyer.

My team and I at Team Asgarian can help you at all three stages, sizing up your competition, presenting your unit, and pricing it correctly. If you want that help, fill out the form at the bottom of this page or book a free consultation. Stay well and take care.